Korean banks seek expansion in Indonesia

A Bank Woori Saudara employee greets a customer in Jakarta, Indonesia in this 2018 file photo. Courtesy of Woori Bank

By Park Hyong-ki

Local banks are seeking to increase their presence in Indonesia by expanding their services in digital banking and asset management.

Bank Shinhan Indonesia has launched a new online service enabling local customers to wire money overseas, according to Shinhan Bank in Seoul, Sunday.

They can transfer funds in six currencies including the Japanese yen and Hong Kong dollar.

The bank said it seeks to further expand by introducing its SOL platform in Indonesia.

Shinhan Bank told The Korea Times last year that it will launch the Indonesian version of the SOL in 2019, as well as a Vietnam version.

"We will launch the SOL in Indonesia by June this year. This will enable local customers to open accounts without having to visit our retail branch there," said a Shinhan Bank spokesman.

Bank Woori Saudara, meanwhile, has been holding a series of seminars on asset management for Indonesia customers, Woori Bank in Seoul said.

While the Indonesian unit is moving to boost its asset management service there, it is also implementing its digital strategy by taking note of its parent bank's WiBee Talk platform.

This comes as Indonesia is seeing a growing number of people opening up mobile bank accounts and purchasing goods online.

"We are looking to strengthen our global presence by offering digital and asset management services in Indonesia connected with Seoul-based banking," said a Woori Bank spokesman.

Bank Woori Saudara is a small player compared to banking giants such as Bank Mandiri and Bank Negara.

Indonesia has been growing at an annual 5 percent on average, the bank noted.

Woori Bank acquired Bank Himpunan?Saudara in 2014.

Site Map E-paper Subscribe Register LogIn
Site Map E-paper Subscribe Register LogIn